“For senior citizens who only have a pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” Finance Minister Nirmala Sitharaman had said In the Budget Speech 2021-22. She had said that in the 7...
the senior citizens will be exempted from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest ...
Noteworthy changes in the Income-tax regime that shall be operative from 1st April 2021 include the following: No requirement of tax filing for senior citizens above 75, Pre-filled IT forms, Tax on interest on PF, Income tax return (ITR) non-filers, Penalty imposition for non-linking of ...
Expert e-filing For Senior Citizens Indian Traditions Respects Elders, to help Continue this Tradition iSPEEDTax have come up with Free ITR Services for Senior Citizens as a Mark of Respect. Your Participation in our Free Drive will be Highly Appreciated. ...
Senior citizens (above 75 years) with only pension and interest income will no longer have to file their income tax returns Rules to be framed to remove the double taxation burden on NRIs To simplify the process of I-T returns filing, details on capital gains from listed entities,...
For senior citizens, the cut-off is Rs 3 lakhs, and for those who are more than 80 years old, the cut off is Rs 5 lakhs. However, Finance (No. 2) Act, 2019 has inserted a new seventh provision to section 139(1) to provide for mandatory filing of return of income for undertaking...
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Refund can be claimed during income tax filing and you need to file income tax by the due date to claim any refund. The deadline for filing income tax is 31st July of every year. Taxes page Index Income Tax Refund Who can get an Income Tax refund? How to claim Income Tax Refund ...
10,000 to Rs. 50,000 for all senior citizens over 60 years. How to Calculate Tax Deduction Under 87A for Taxpayers Earning Rs 7 lakh or above? Standard Deduction of Rs. 50,000 and Rs. 12,500 rebate will help middle class salaried taxpayers to wave off their tax. Take examples to ...
Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.